U.S. Tops $1 Billion in Stimulus for Clean Energy Projects

From the massive economic stimulus program passed seven months ago,the U.S. government has spent more than one billion dollars on private sector renewable energy projects, officials said on Sept. 22.

At a meeting of a group of clean energy developers and manufacturers at the White House Tuesday, Treasury Secretary Timothy Geithner and Energy Secretary Steven Chu announced $550 million in new awards through the Recovery Act.

The awards for 25 projects brings the total to more than one billion dollars awarded to date "to companies committed to investing in domestic renewable energy production," the Treasury and Energy departments said.

Under the Recovery Act, the renewable energy awards are made from a program that provides cash assistance to energy producers in place of a tax credit totaling 30% of the qualifying cost of the project -- thus spending one federal dollar for every two private dollars invested in a project.

The officials said that the federal stimulus spending in green energy was attracting billions of dollars of additional capital towards projects in the US. Chu said the investments were crucial to ensuring the U.S. can compete and win in the race for the clean energy jobs of the future.

"With American workers and American innovation, we can and must lead the world when it comes to the new Industrial Revolution in clean energy," he said.

The first round of the awards, totaling $502 million, was announced on September 1.